These results include pre-tax profits of £60.4million, a loss of 23% over the previous year. Adjusted operating profit of £91.3m (a 9% rise), and revenue increase to £953.9million (a rise of 16%).

Christopher Kemball, group chairman said: “We are responding to the economic uncertainties by taking advance action to reduce costs in those parts of the group that are most directly affected.

“Uncertain market conditions look set to continue but our management team has considerable experience and is committed to addressing the challenge. The board remains confident in the medium and long term prospects for the group.”